Indicators referring to the board of directors and control variables
| Dimensions | Indicators | Acronyms | Definition | Expected relationship | References |
|---|---|---|---|---|---|
| Board of directors | Size of the board | SB | Total number of council members | (+) | Gaur, Bathula, and Singh (2015) |
| Gender president | GEN | Value 1 is assigned if male, and 0 otherwise | (+) | Akpan and Amran (2014) | |
| Independence | IND | The relationship between the number of independent members and the size of the council | (+) | DeBoskey (2018) | |
| Chairman/CEO | CHA | Assigned value 1 when chairperson is CEO, and 0 otherwise | (−) | Gaur et al. (2015) | |
| Age | AGE | Annual average age of the directors of the administration | (−) | Darmadi (2011) | |
| Meetings | MEE | Total number of council meetings in the year | (+) | Schwartz-Ziv and Weisbach (2013) | |
| Control variables | Leverage | LEV | Relation between total liabilities (current and non-current liabilities) by total assets | (+) | Sánchez et al. (2014) |
| Log market value | LogMV | Natural logarithm of market value | (+) | Sánchez et al., 2014 | |
| Segments | TRAD | Assign value 1 if traditional, and 0 otherwise | (−) | Azevedo et al. (2014) | |
| L1 | Value 1 is assigned if Level 1, and 0 otherwise | (+) | Azevedo et al. (2014) | ||
| L2 | Value 1 is assigned if Level 2, and 0 otherwise | (+) | Azevedo et al. (2014) | ||
| NM | Value 1 is attributed to new market, and 0 otherwise | (+) | Azevedo et al. (2014) |
| Dimensions | Indicators | Acronyms | Definition | Expected relationship | References |
|---|---|---|---|---|---|
| Board of directors | Size of the board | SB | Total number of council members | (+) | |
| Gender president | GEN | Value 1 is assigned if male, and 0 otherwise | (+) | Akpan and Amran (2014) | |
| Independence | IND | The relationship between the number of independent members and the size of the council | (+) | ||
| Chairman/CEO | CHA | Assigned value 1 when chairperson is CEO, and 0 otherwise | (−) | ||
| Age | AGE | Annual average age of the directors of the administration | (−) | ||
| Meetings | MEE | Total number of council meetings in the year | (+) | ||
| Control variables | Leverage | LEV | Relation between total liabilities (current and non-current liabilities) by total assets | (+) | Sánchez et al. (2014) |
| Log market value | LogMV | Natural logarithm of market value | (+) | Sánchez et al., 2014 | |
| Segments | TRAD | Assign value 1 if traditional, and 0 otherwise | (−) | ||
| L1 | Value 1 is assigned if Level 1, and 0 otherwise | (+) | |||
| L2 | Value 1 is assigned if Level 2, and 0 otherwise | (+) | |||
| NM | Value 1 is attributed to new market, and 0 otherwise | (+) |
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